Gasoline prices today (May 12): US-China trade negotiations support oil prices - Lang Son Newspaper and Radio and Television

World oil prices remain green, supported by positive results in US-China trade negotiations. Domestic oil prices are likely to rise again.

World oil prices

Both Brent and WTI crude started the new trading week in the green, according to Reuters.

Oil prices snapped a two-week losing streak last week with a more than 4% rebound, supported by hopes of a breakthrough in US-China trade talks, rising geopolitical risks in the Middle East as Israel continued to attack Houthi targets and a “breakthrough deal” on trade reached between the US and the UK.

Oil prices are maintaining their upward momentum. Illustration photo: Energy Now

Also last week, the US Federal Reserve (Fed) decided to keep interest rates at a high level of 4.25 - 4.5% after its policy meeting ended on May 7, warning of rising inflation and unemployment risks. According to the Fed, the economy continues to grow solidly, the labor market remains strong and inflation is "high" and the Fed needs to continue to wait and watch. The change in Fed policy will depend on which of the two risks of unemployment and inflation becomes a reality. If both factors increase, the Fed will have to choose a priority. If the labor market weakens, the Fed will have a basis to cut interest rates. Conversely, if inflation increases, the Fed will have to continue tightening monetary policy.

Notably, on May 8 - three days before the fourth round of nuclear talks between the US and Iran took place in Oman on May 11 to resolve tensions surrounding Tehran's nuclear program, amid Washington's increasing opposition to Iran's uranium enrichment and Israel's close monitoring of developments, the US imposed sanctions on China's third independent oil refinery for purchasing Iranian crude oil.

Over the weekend, US President Donald Trump described the May 10 talks with China in Geneva, Switzerland as a “complete reset” of US-China trade relations and that great progress had been made. The two sides kicked off a high-level meeting on economic and trade issues with the participation of US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, who is in charge of US-China economic and trade issues. The two days of talks ended with positive results, but neither side mentioned any agreement on tariff reductions. Market attention will be focused on the joint statement to be released today, May 12.

This week, the market will focus on the US Consumer Price Index (CPI) for April for further information on inflation trends. Meanwhile, the US retail sales for April, due on May 15, will provide the latest information on US consumer spending.

Oil prices are being supported by positive results in US-China trade negotiations that ended on May 11. Illustration photo: Reuters

“Tariffs will start to impact inflation data in April, with more evidence likely in May and June,” Bank of America economists said in a note. They expect tariff-driven inflation to be temporary. If CPI rises more than expected and retail sales miss estimates, that could raise concerns about “stagflation” — a combination of sluggish growth and persistent inflation, said Matthew Miskin, co-chief investment strategist at Manulife John Hancock Investments.

In addition, developments in the Middle East will also have a certain impact on oil prices this week.

Domestic gasoline prices

Domestic retail prices of gasoline on May 12 are as follows:

E5 RON 92 gasoline is not more than 18,777 VND/liter.

RON 95-III gasoline is not more than 19,179 VND/liter.

Diesel oil not more than 16,809 VND/liter.

Kerosene not more than 16,941 VND/liter.

Fuel oil not exceeding 15,533 VND/kg.

The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of May 15. Due to the increase in world gasoline and oil prices last week, domestic gasoline and oil prices will likely end the series of decreases.

In the most recent price adjustment, the price of E5 RON 92 gasoline decreased by 377 VND/liter, RON 95-III gasoline decreased by 407 VND/liter, diesel decreased by 550 VND/liter, kerosene decreased by 623 VND/liter and fuel oil decreased by 665 VND/kg.

Since the beginning of the year, domestic gasoline prices have undergone 19 adjustment sessions with 9 sessions of decrease, 7 sessions of increase and 3 sessions of opposite direction.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-12-5-dam-phan-thuong-mai-my-trung-quoc-ho-tro-gia-dau-5046706.html